Thacher Proffitt & Wood has been officially selected as counsel to the Federal Deposit Insurance Corp., the conservator of the IndyMac Federal Bank, F.S.B., which will receive almost all of the assets of IndyMac Bank, F.S.B.

IndyMac went into receivership on July 11, when it was seized by federal regulators after reporting heavy mortgage-related losses that caused a run on the bank. Thacher will oversee all corporate and transaction matters relating the conservatorship.

The team will be lead by Stephen Kudenholdt, chair of the Structured Finance practice group, and Robert Azarow, partner in the firm's Corporate and Financial Institutions practice group

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